According to Gwadar Pro, they have seen that the COVID-19 epidemic and foreign trade barriers have an impact on the economy and energy sector from a variety of sources. They acknowledged that renewable energy sources have great potential and the positive momentum of development and international cooperation in the field would be deepened.
Zhou Changchun, a representative of the Global Energy Interconnection Development and Cooperation Organizations said that affected by COVID-19, energy investment was completely reduced. In particular, investment in oil and gas resources decreased by 32%, investment in coal resources decreased by 15%.
“However, this has not changed the positive trend towards the development of renewable energy. Compared to the period from 2016 to 2019, investment in clean energy has increased significantly by 2020,” said Zhou. "The share of renewable energy in the global energy system has been growing steadily."
Glenn Pearce-Oroz, Director of International Relations, United Nations Sustainable Energy for All (SE4All), said in a webinar that, in the post-epidemic period, renewable energy has the benefits of curbing the practice. "Compared to traditional power, renewable energy has three elements that will support growth in the post-epidemic era: low costs, a short construction cycle, and fewer maintenance workers," said Glenn.
Florence Eid-Oakden, founder and chief economist of Arabia Monitor and economics Ph.D. of the Massachusetts Institute of Technology (MIT), told the conference that China's renewable energy market will grow steadily in the future, and provide more opportunities for renewable energy partnerships.
Meanwhile, the BRI will also change the state of global energy. Currently, BRI countries are less attractive to European and American investment but are more attractive to Chinese investment. Under the program, more than 48% of China's outgoing investment is in the energy sector.
The webinar was hosted by China Renewable Energy Engineering Institute, with the participation of businesses and related organizations, such as the International Renewable Energy Agency (IREA), SE4All, Arabia Monitor, Japan Sun Economy Association, Renmin University, Shandong University, China Minsheng Bank, TBEA.
